Skip to content
stoqly

National Fuel Gas

NFG NYSE Gas Utilities Financials FY2016–FY2025

National Fuel Gas' revenue rose 17.1% to $2.3 billion in fiscal 2025. Its operating margin was 35.7%, up from 10.8% a year earlier. Free cash flow was $187 million, up 39.0%. It paid out $243 million in dividends and buybacks, 130% of free cash flow. The diluted share count fell 1.2%.

Last close · Oct 23, 2026

$80.53

0.5%
Value it Compare
Revenue Total sales reported in the income statement.
$2.3B
17.1% vs prior year
Operating margin Operating income as a share of revenue.
35.7%
24.9 pts
Net income Profit after all expenses, interest and tax.
$519M
569.0%
Free cash flow Cash from operations minus capital spending.
$187M
39.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
10.6%
7.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$7.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
11.2x
On $7.19 EPS (TTM)

About these figures. National Fuel Gas doesn't report a gross profit: the only cost line its filings tag is the gas its utility buys, which leaves out the costs of its gas production and pipelines (it would give a gross margin of about 90%), so gross profit and gross margin are left blank.

What National Fuel Gas does

No business description yet.

Legal name
NATIONAL FUEL GAS CO
Fiscal year ends
September 30, 2025
Latest annual report
—
Accession · CIK
0000070145-25-000039
0000070145

Revenue and margins

National Fuel Gas had $2.3B of revenue in fiscal 2025, up 17.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $187M in fiscal 2025, 8.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

National Fuel Gas returned $243M to shareholders in fiscal 2025, 130% of free cash flow. The diluted share count fell 1.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value National Fuel Gas yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$2.8B and divides by 91.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 11.2x · peers 14.9x · sector 20.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably National Fuel Gas can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $31.5M$46.0M$55.4M$38.2M$43.2M
Debt incl. finance leases $2.8B$2.7B$2.7B$2.8B$2.8B
Net debt / EBITDA 2.8x2.2x2.3x4.1x2.2x
Debt / equity 1.6x———0.9x
Interest coverage 4.4x6.3x5.7x1.5x5.2x
Current ratio 0.4x0.4x0.5x0.3x0.4x
Quick ratio 0.4x0.4x0.5x0.3x0.4x
Total assets $7.5B$7.9B$8.3B$8.3B$8.7B
Total liabilities $5.7B$5.8B$5.3B$5.5B$5.6B
Shareholders' equity $1.8B−$626M−$55.1M−$15.5M$3.1B
Net debt (− = net cash) $2.8B$2.6B$2.6B$2.7B$2.8B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✕ ✕ ✓
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✓
F-score 5 / 83 / 88 / 8
Accruals ratio −9.4%−11.9%−6.8%
Altman Z'' 1.630.811.57

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
National Fuel Gas NFG $7.7B 17.1% 35.7% 8.2% 10.6% 11.2x 8
One Gas OGS $4.9B 16.5% 18.9% −5.3% 6.2% 16.8x 5 Compare →
Spire SR $5.0B −4.5% 21.2% −13.9% 5.2% 15.0x 5 Compare →
New Jersey Resources NJR $5.4B 13.4% 25.0% — 6.8% 14.7x 7 Compare →
Southwest Gas SWX $6.6B −21.6% 24.4% −13.0% 4.7% 12.1x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.5B $1.6B $1.6B $1.7B $1.5B $1.7B $2.2B $2.2B $1.9B $2.3B
Operating income −$417M $594M $520M $512M $29.9M $640M $815M $755M $210M $814M
Interest expense $121M $120M $115M $107M $117M $146M $130M $132M $139M $156M
Pretax income −$524M $444M $384M $390M −$105M $478M $683M $641M $87.3M $694M
Income tax −$233M $161M −$7.5M $85.2M $18.7M $115M $117M $165M $9.7M $176M
Net income −$291M $284M $392M $304M −$124M $364M $566M $477M $77.5M $519M
Diluted EPS −$3.43 $3.30 $4.53 $3.51 −$1.41 $3.97 $6.15 $5.17 $0.84 $5.68
Diluted shares 0.08B 0.09B 0.09B 0.09B 0.09B 0.09B 0.09B 0.09B 0.09B 0.09B
Cash flow
Cash from operations $589M $685M $615M $695M $741M $792M $813M $1.2B $1.1B $1.1B
Capital expenditure $582M $450M $584M $789M $716M $752M $812M $1.0B $931M $913M
Free cash flow $7.4M $234M $31.3M −$94.5M $24.7M $39.8M $0.7M $227M $135M $187M
Depreciation and amortization $249M $224M $241M $276M $306M $335M $370M $410M $457M $457M
Stock-based compensation $5.8M $12.3M $15.8M $21.2M $14.9M $17.1M $19.5M $20.6M $22.1M $19.8M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $8.9M $0.0M $3.7M $0.0M $0.0M $64.1M $54.4M
Dividends paid $135M $139M $143M $147M $153M $163M $168M $176M $184M $188M
Dividends and buybacks $135M $139M $143M $156M $153M $167M $168M $176M $248M $243M
Balance sheet
Cash and short-term investments $130M $556M $230M $20.4M $20.5M $31.5M $46.0M $55.4M $38.2M $43.2M
Total debt $2.1B $2.4B $2.1B $2.2B $2.7B $2.8B $2.7B $2.7B $2.8B $2.8B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $413M $818M $545M $363M $314M $522M $761M $414M $356M $411M
Current liabilities $304M $646M $440M $422M $460M $1.2B $1.9B $806M $1.1B $926M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $4.5B $4.7B $5.0B $5.5B $6.0B $6.4B $6.6B $7.3B $7.3B $7.7B
Total assets $5.6B $6.1B $6.0B $6.5B $7.0B $7.5B $7.9B $8.3B $8.3B $8.7B
Total liabilities $4.1B $4.4B $4.1B $4.3B $5.0B $5.7B $5.8B $5.3B $5.5B $5.6B
Shareholders' equity $1.5B $1.7B $1.9B $2.1B $2.0B $1.8B −$626M −$55.1M −$15.5M $3.1B
Margins
Operating margin −28.7% 37.6% 32.6% 30.2% 1.9% 36.7% 37.3% 34.7% 10.8% 35.7%
EBITDA margin −11.5% 51.8% 47.8% 46.5% 21.7% 56.0% 54.2% 53.6% 34.3% 55.8%
Net margin −20.0% 17.9% 24.6% 18.0% −8.0% 20.9% 25.9% 21.9% 4.0% 22.8%
FCF margin 0.5% 14.8% 2.0% −5.6% 1.6% 2.3% 0.0% 10.5% 6.9% 8.2%
Returns
Return on capital −8.8% 10.8% 14.1% 9.8% 0.5% 10.6% 14.6% 10.9% 3.3% 10.6%
Return on capital employed −7.3% 11.0% 9.4% 8.8% 0.5% 10.1% 13.4% 11.3% 2.9% 10.8%
Return on equity −16.4% 17.6% 21.5% 14.9% −6.0% 19.4% 97.6% — — 33.7%
Return on assets −4.8% 4.8% 6.5% 4.9% −1.8% 5.0% 7.4% 5.9% 0.9% 6.1%
Growth
Revenue growth — 8.8% 0.8% 6.3% −8.7% 12.7% 25.4% −0.6% −10.5% 17.1%
Net income growth — — 38.1% −22.3% −140.7% — 55.7% −15.8% −83.8% 568.9%
EPS growth — — 37.3% −22.5% −140.2% — 54.9% −15.9% −83.8% 576.2%
FCF growth — 3,063.2% −86.6% −401.8% — 61.5% −98.3% 32,591.7% −40.7% 39.0%
Share count change 0.6% 1.4% 0.5% 0.4% 1.4% 4.2% 0.5% 0.2% 0.1% −1.2%
Financial health
Net debt / EBITDA — 2.2x 2.5x 2.8x 7.9x 2.8x 2.2x 2.3x 4.1x 2.2x
Debt / equity 1.4x 1.4x 1.1x 1.0x 1.4x 1.6x — — — 0.9x
Interest coverage −3.4x 5.0x 4.5x 4.8x 0.3x 4.4x 6.3x 5.7x 1.5x 5.2x
Current ratio 1.4x 1.3x 1.2x 0.9x 0.7x 0.4x 0.4x 0.5x 0.3x 0.4x
Quick ratio 1.4x 1.3x 1.2x 0.9x 0.7x 0.4x 0.4x 0.5x 0.3x 0.4x
Capital allocation
Capex / revenue 40.0% 28.5% 36.7% 46.6% 46.3% 43.1% 37.1% 46.5% 47.9% 40.1%
Stock comp / revenue 0.4% 0.8% 1.0% 1.3% 1.0% 1.0% 0.9% 1.0% 1.1% 0.9%
Payouts / FCF 1,821.2% 59.4% 457.7% — 621.8% 418.9% 24,193.8% 77.5% 184.0% 129.7%
Quality scores
Piotroski F-score — 5.0 5.0 5.0 2.0 6.0 6.0 5.0 3.0 8.0
Altman Z'' 0.4 1.7 1.8 1.6 0.8 0.8 0.7 1.6 0.8 1.6
Accruals ratio −14.4% −6.8% −3.7% −6.2% −12.9% −5.9% −3.2% −9.4% −11.9% −6.8%

Source: SEC EDGAR XBRL filings (CIK 0000070145). Data updated October 14, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

↑ ↓ to move · ↵ to open